Wells: No Plans for Foreclosure Moratorium

Wells Fargo has no plans to initiate a moratorium on foreclosures, saying late Tuesday its foreclosure affidavit process is 'sound.'
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SAN FRANCISCO (

TheStreet

) --

Wells Fargo

(WFC) - Get Report

said it has no plans to initiate a moratorium on foreclosures, saying late Tuesday its foreclosure affidavit process is "sound."

"Our affidavit procedures and daily auditing demonstrate that our foreclosure affidavits are accurate," Wells Fargo said in a statement. The bank said it released the statement in response to media inquiries.

The bank's announcement follows news that Wells Fargo and GMAC Mortgage had begun reviewing foreclosures in response to requests from lawmakers and public officials.

GMAC Mortgage, a unit of

Ally Financial

, said Tuesday it enlisted legal and accounting firms to conduct independent reviews of its foreclosure procedures in all 50 states, the

Associated Press

reports. GMAC already has halted foreclosures in 23 states.

"As always, as a standard business practice, we continually review and reinforce our policies and procedures. This includes conducting additional reviews before loans go to foreclosure sale," Wells Fargo said late Tuesday. "If we find an error or if an improvement is needed, we take action. We are satisfied that our foreclosure affidavit process is sound."

-- Written by Joseph Woelfel

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